23 July 2018

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 24 JUL 2018

The expiry week has started on positive note. Record breaking run of bulls was continued in the today’s session also, market finally saw some consolidation after modi government defeated a no-confidence vote in the Parliament on Friday. Nifty future has opened at 11022 made a high of 11109 & low of 11008 & finally closed at 11095 up by 70 points. Investor sentiment got a boost after the GST Council on Saturday cut rates on over 100 items, including footwear, refrigerator, washing machine and small screen TV, exempting the widely demanded sanitary napkins from the levy. The revised tax rates will come into effect from July 27.
Now the no-confidence debate is over, markets will follow Wednesday’s RBI meet and expect some skepticism if the rates are hiked. Nifty has reached closer to the immediate and crucial hurdle of 11200, and a decisive breakout will trigger fresh surge ahead. But, we're in expiry week so volatility tends to remain high. We suggest maintaining positive yet cautious approach in the nifty future, considering the mixed sentiment. Traders should focus more on the money management aspects and avoid taking unnecessary risk. The 11255 and 11285 levels may act as immediate resistance levels for Nifty, while supports may come in at 10950 and 10900 levels.
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Resistance: 11200, 11235, 11285
Support: 10950, 10900, 10850

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